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Brokers, mark this date in your calendar

CMHC released its first housing market insight report this week and in it teased the release date of what may be an even more interesting study: its report on foreign ownership.

“On December 3, CMHC will release a national report highlighting foreign ownership as part of the HMI series,” CMHC said in its first housing market insight report, released Wednesday.

It’s the first comment on foreign ownership from the Crown Corporation since it mentioned potential methods for collecting that data.

“It’s clear that we need to capture more detailed information on foreign investment, to better inform the Canadian government and housing market participants,” Evan Siddall chief executive officer of the Canada Mortgage & Housing Corp., said in the text of a speech delivered in Toronto in mid-November. “A lack of accurate and reliable data makes it difficult to determine if or how foreign investment may be affecting the market.

“Most of the available information is anecdotal. And the problem is that many foreign investors may prefer to hide their ownership.”

According to Bloomberg, options the agency is considering for gathering the data include gathering information from local realtors, developers and land registry offices on annual residential sales to foreign buyers for both homes and condominium units.

The housing market insights reports – including the planned report on foreign ownership – are the Crown Corporation’s bid to provide better analysis of various housing markets.

“The Housing Market Insight is a tailor-made report customized to examine different indicators and factors in a specific market,” Michel Laurence, CMHC’s vice-president for housing markets and Indicators, said in a release. CMHC analysis provided through the HMI reports provides additional information and insight to private and public sector audiences.”

Resource By:- http://www.mortgagebrokernews.ca/news/brokers-mark-this-date-in-your-calendar-199716.aspx

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